Victory over Manchester City would see United qualify for the Europa League.
Hojlund said: "It's the oldest knockout competition ever.
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"I think it has a special place in the history of United, but also the English community.
"I think it's a very, very special cup and I think it's something that you definitely can be very, very proud of, if you win.
"And then, of course, there's the loop for (qualifying for) Europe as well, which is quite important."